Drivemate peer-to-peer car rental get new funding

Drivemate Co., Ltd. raised funds to strengthen the market share of Thailand's peer-to-peer car rental service business. Startups headquartered in Bangkok get unspecified funding from 500 Tuk Tuks and Dtac Accelerate to compete traditional car rental companies and online ride-sharing platform.

Tinuku Drivemate peer-to-peer car rental get new funding

Drivemate announced fundraising to strengthen their peer-to-peer car rental service platform. Startup was established in July 2016 utilizing unused private cars and allowing users to rent the car. The Company also offers insurance to car owners to cover damage caused by usage.

Co-founder of Drivemate, Silratth Sukwatthanasiri, said the service offers car shipping which means the car owner will direct the vehicle to the tenant's location. Drivemate has a philosophy that the car is more useful to rent than to just stay in the garage.

Sukwatthanasiri said although it does not have direct competitors, Drivemate is under pressure by traditional car rental businesses like Avis and Hertz, as well as ride-sharing companies like Grab and Uber who want to replace ownership of the car completely.

To date, Sukwatthanasiri claims to have more than 6,000 cars in system covering 35 cities in Thailand. The startup quotes 25% of each transaction and has had history of ordering over 1,000 transactions since it started about a year ago.

Other startups that have similar services are Turo in the United States that has raised a total of US$193 million, has 171,000 vehicles and four million registered users. China also has Start, previously named Ppzuche.